A CFTC Order requiring the use of a designated unique product identifier and product classification system for swap recordkeeping and data reporting became effective on February 24, 2023.
News & Insights
The CFTC designated a unique product identifier and classification system required to be used in swap recordkeeping and reporting.
House Republicans Jim Jordan (R-OH), James Comer (R-KY), Patrick McHenry (R-NC) and Tom Emmer (R-MN) criticized the SEC for "aggressively" enforcing recordkeeping laws on private businesses. The representatives found such enforcement "curious" given the agency's own failures to comply with federal transparency and recordkeeping laws.
GAO recommended that federal "agencies improve their management of electronic records."
Federal Reserve Bank of New York President William C. Dudley argued that "aggressive action" is needed across the financial industry to address market-wide issues concerning the global market transition away from LIBOR.